Ahead of tomorrow's FOMC,...........>

US DATA PREVIEW: Ahead of tomorrow's FOMC, analysts at Barclays expect modestly

stronger inflation and lower unemployment rate projections. They expect an

unchanged median funds rate for 2018 and 20bp increases in the median funds rate

in 2019 and 2020. 

- BMO look for the median projection for the fed funds rate to show four rate

hikes this year (instead of three before), with a 2018-end range of

2.25%-to-2.50%. For 2019, at least two rates hikes should remain, with a

year-end range of 2.75%-to-3.00%, and with the net risk it could be higher. The

longer-run projection, currently 2.75%, could be lifted as well.

- BNP Paribas see the Committee raising its GDP forecasts by 0.5pp for 2018 and

0.3pp for 2019, but marking up its employment and inflation forecasts only

modestly. They also expect the FOMC's median rate 'dotplot' to imply four hikes

for 2018 (one more than in December) and two for 2019 (the same as in December).

- Deutsche Bank expect the entire path of rate hikes to shift up modestly, with

the median dot for 2019 rising to 2.9% (from 2.7% in December), and the terminal

rate forecast rising to 3.3% in 2020 (from 3.1% in December).